Deciding where to retire shouldn’t be something you do based on weather or even proximity to kids — let them do the driving — they’re more mobile than you anyway. If you want to retire rich, and maintain that wealth, you should be looking at important regional factors, such as taxes, local living expenses and the affordability and accessibility of health care.
To make the search easier, GOBankingRates investigated all 50 states on those three components. We surveyed:
- Taxes: local rates of Social Security income, estate, inheritance, property and sales taxes
- Living expenses: home values, listing prices, local deposit rates and a cost-of-living index
- Health care: average individual insurance premiums, average Medicare payment and the health of seniors who take advantage of regional health care
The result: the best and worst states for retiring rich. Read on for the 10 best — and then the 10 worst — and see where you should be moving to when you retire.
10 Best States For Retiring Rich
1. New Hampshire
New retirees will have a hard time finding as good a tax haven as New Hampshire, and that’s largely why it topped our list of the best states to retire rich. The Granite State boasts no sales tax, no Social Security income tax, no estate tax and no inheritance tax.
What doesn’t play in the state’s favor is its high cost of living, bolstered by higher-than-average home prices and middling deposit account rates — and the second-highest median property tax in the country.
Still, New Hampshire has one other thing going for it, and it’s a big one: excellent health care. Though residents have to face higher-than-average monthly premiums, Medicare payouts are better than average and seniors in the state are among the healthiest in the country, according to the United Health Foundation. To see the rest of the rankings click here.